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43 orders · Page 1 of 1
The Tribunal confirmed the CIT(Appeals) order, following the jurisdictional High Court's decision in Tata Elxsi Ltd. The ruling stated that expenses excluded from export turnover must also be excluded from total turnover.
The Tribunal held that if certain expenses are excluded from export turnover for the purpose of Section 10A deduction, they should also be excluded from total turnover. This decision was based on the jurisdictional High Court's ruling in the case of Tata Elxsi Ltd.
The Tribunal held that the lower authorities did not examine the assessee's plea that recipients had offered the interest income to tax. The Tribunal also found that the bad debts were indeed written off in the books, contrary to the lower authorities' findings. Therefore, both issues were restored to the CIT(Appeals) for fresh adjudication.
The Tribunal held that the lower authorities did not examine the assessee's plea that recipients had offered the interest income to tax. The Tribunal also found that the bad debts were indeed written off in the books, contrary to the lower authorities' findings. Therefore, both issues were restored to the CIT(Appeals) for fresh adjudication.
The Tribunal held that the reopening of assessment was invalid because the reasons recorded by the AO did not explicitly state that the escapement of income was due to the assessee's failure to fully and truly disclose all material facts. The Tribunal confirmed the order of the CIT(Appeals).
The Tribunal held that if certain expenses are excluded from export turnover, they should also be excluded from total turnover, following the jurisdictional High Court's decision in Tata Elxsi Ltd. The CIT(Appeals)'s order was confirmed.
The Tribunal held that the TPO should not have examined the necessity of the payment. Instead, all international transactions involving revenue receipts and payments to the AE should be clubbed and analyzed under the Transactional Net Margin Method (TNMM). The payment for management fees and Global Sale and Marketing Activity Fees should be treated as operating costs and allocated based on turnover.
The Tribunal held that depreciation on assets acquired from borrowed funds cannot be treated as application of income for exemption under Section 11. However, the claim for depreciation on fixed assets as application of income was allowed, following jurisdictional High Court precedents.
The Tribunal upheld the CIT(A)'s decision regarding the exclusion of foreign currency expenditure, following the jurisdictional High Court's precedent. However, it denied Section 10A benefits on interest income earned from FDRs, deeming it not directly related to the undertaking's business, but allowed it for certain other miscellaneous income.
The Tribunal held that the assessee's consent to the addition was conditional and could not be used as an estoppel against challenging the assessment order when the condition (no penalty proceedings) was not met. The Tribunal directed the AO to compute income at 8% of gross receipts, citing Section 44AD as guidance.
The Tribunal allowed the assessee's appeal. It held that it was bound to follow the law laid down by the Hon'ble jurisdictional High Court in the case of *Ved Prakash Rakhra* (supra). The High Court had held that the date of entering into the JDA would be the date for arriving at the cost of transfer, and the cost of structure as on the date of the agreement would be the cost of transfer instead of the cost of actual construction. The Tribunal noted that in the *Ved Prakash Rakhra* case, the exchange value specified in the project development agreement was taken as the basis for computation of construction, and the cost incurred by the developer need not necessarily represent the cost of construction. The Tribunal found that the transaction of joint development is one of exchange, and the consideration specified in the document represents the market value on the date of entering into the agreement. Therefore, the estimated cost of construction shown in the JDA should be taken into account for working out the sale consideration for the purposes of Section 45, not the sum actually spent by the builder. The Tribunal directed the deletion of the capital gain amount computed on the basis of the builder's cost.
The Tribunal allowed the assessee to raise additional grounds regarding the exclusion of two comparables and remanded the entire transfer pricing issue back to the TPO for fresh examination. The Tribunal also allowed the ground related to Section 10B deduction and directed credit for full self-assessment tax paid.
The Tribunal held that if the genuineness of the payment and the identity of the payee are not disputed, and there is a business exigency for cash payments, the disallowance under Section 40A(3) may not be sustainable. The matter was remanded to the CIT(A) for fresh consideration.
The Tribunal held that additions made solely on the basis of a statement recorded during a survey, without corroborative evidence, are not sustainable. The assessee's explanation for the addition related to Smt. Giriyamma was found implausible due to lack of details and the death of the individual.
The Tribunal held that a co-operative bank is to be considered a co-operative society for the purposes of Section 80P(2)(d). Therefore, interest income earned on deposits with co-operative banks is eligible for deduction under this section.
The Tribunal held that income earned through on-site development by an Associated Enterprise (AE) on behalf of the assessee would be eligible for deduction under Section 10A, but remitted the issue for verification of facts. It also held that interest income and profit on sale of assets are not eligible for deduction under Section 10B. The disallowance of expenditure under Section 40(a)(i) was held to be eligible for deduction under Section 10B. Finally, the reduction of foreign currency expenditure from turnover for Section 10B deduction was decided in favour of the assessee.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that the CIT(A) failed to consider the AO's remand report, which indicated that the source of the deposit was from the sale proceeds of a HUF property. The cash flow statement of the HUF was accepted in a similar case involving the assessee's wife.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that the second proviso to Section 40(a)(ia) has retrospective effect. If the recipient NBFCs have included the interest in their income, no disallowance is warranted.
The Tribunal, acknowledging gross negligence but also the lack of merit-based examination by the CIT(A), granted the assessee one more opportunity. This was subject to a cost of Rs. 10,000/- to present the case before the AO.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal found that the CIT(A) had indeed allowed the assessee's request to withdraw the appeal, and no evidence was provided to contradict this. Therefore, the Tribunal saw no reason to doubt the CIT(A)'s order.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that properties acquired out of HUF nucleus should be assessed in the hands of the HUF, even if not explicitly mentioned in the partition deed. For disrupted HUFs not previously assessed, assessments cannot be made after partition.
The Tribunal held that the assessee is a credit co-operative society eligible for deduction under Section 80P(2)(a)(i) and not a bank, making Section 80P(4) inapplicable. The CIT(A)'s order was upheld.
The Tribunal held that the AO misunderstood the confirmation document and rejected it without proper inquiry. The Tribunal also noted that the accepted sources of deposit exceeded the peak credit, making the addition unwarranted.
The Tribunal decided that a 0% related party transaction (RPT) filter is impractical and set a tolerance range of 15-25% for RPT. It also remanded certain issues regarding the comparability of specific companies and the treatment of expenses back to the TPO/AO for further examination.
The Tribunal held that the permissible accumulation under Section 11(1)(a) of the Income Tax Act should be calculated on the gross receipts, not net receipts. This decision followed a co-ordinate bench ruling.
The Tribunal upheld the CIT(A)'s order, following the jurisdictional High Court's decision. It was held that losses from earlier years, already set off against other income, cannot be notionally brought forward to reduce the deduction under Section 80IA.
The Tribunal held that the succession of the liquor license to the assessee as a legal heir was not a transfer, making the Supreme Court decisions inapplicable. Therefore, the income from the HUF's liquor business could not be assessed in the individual's hands. The Tribunal also deleted the Gross Profit addition and directed that only the GP on the difference in sales between VAT returns and books of accounts be added.
The Tribunal held that the second proviso to Section 40(a)(ia) is retrospective and if recipients have offered the income to tax, no disallowance can be made. The nature of payment (hire vs. revenue sharing) also requires proper verification.
The Tribunal held that Section 10B is analogous to Section 10A, and following the Karnataka High Court's decision, the deduction under Section 10B should be computed without setting off losses from non-10B units.
The Tribunal held that depreciation is allowable on capital assets acquired by a trust, even if the acquisition was treated as application of income. The decision of the jurisdictional High Court in Al-Ameen Charitable Fund Trust was followed.
The Tribunal upheld the CIT(A)'s decision, stating that reimbursement of expenditure incurred in foreign currency should be excluded from both export turnover and total turnover for computing the Section 10AA deduction. This followed the jurisdictional High Court's ruling in a similar case.
The Tribunal held that an appeal can only be filed after the AO has passed the final assessment order in conformity with the DRP's directions. Since the AO failed to do so, the Revenue's appeal was not maintainable.